File income tax for past years?

dipole · Jan 17, 2013

I have a W-2 from 2007 which I never filed for an income tax refund... is it still possible to file this?

Jimmy Snyder · Jan 17, 2013

I am not an expert, I just googled this. You should get expert advice.
Three year statute of limitations.

Vanadium 50 · Jan 17, 2013

If this will decrease your tax liability (i.e. you will get a refund) it is too late. You have three years. If this will increase your tax liability, you need a tax professional pronto.

russ_watters · Jan 17, 2013

Even if it would reduce your tax liability, the penalty of not filing for three years may mean you owe. Either way, you're better off filing: The IRS is slow, but they'll eventually get you.

Greg Bernhardt · Jan 18, 2013

I agree with Russ. You can only evade the IRS for so long. Eventually they will want their money and you'll likely pay stiff interest penalties. Best to call up a CPA and find out what your options are.

Evo · Jan 18, 2013

If you live or work in a state with state tax, definitely seek advice, even if you don't owe the IRS, you may still owe state tax, and I hear the state tax auditors make the IRS look like your best friend.

dipole · Jan 18, 2013

I wouldn't owe them anything, but thanks for the advice. I was a dependent at the time, and I'm the one owed money, but I guess it's too late for that. Silly 17 year old me. :)

Borg · Jan 19, 2013

dipole said: ↑

I wouldn't owe them anything, but thanks for the advice. I was a dependent at the time, and I'm the one owed money, but I guess it's too late for that. Silly 17 year old me. :)

If you were claimed as a dependant on your parent's return, you couldn't file separately anyway.

Jimmy Snyder · Jan 19, 2013

Borg said: ↑

If you were claimed as a dependant on your parent's return, you couldn't file separately anyway.

This is not correct. He could file, he just couldn't claim himself as a dependent.

Borg · Jan 19, 2013

Jimmy Snyder said: ↑

This is not correct. He could file, he just couldn't claim himself as a dependent.

Oops.

Jimmy Snyder · Jan 19, 2013

You needn't be embarrassed, it's a common misspelling.

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File income tax for past years?

dipole

Jimmy Snyder

Vanadium 50

russ_watters

Staff: Mentor

Greg Bernhardt

Staff: Admin

Evo

Staff: Mentor

dipole

Borg

Jimmy Snyder

Borg

Jimmy Snyder

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